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Business news without the bullshit

Inside the fraud factory

An unwitting foot soldier in
the Wall Street mortgage mega-scam

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The biggest financial fraud in history

If you've ever bought a house or arranged for refinancing pre-2003, you know it's a serious process with lots of people in the room including buyers, sellers, lawyers, real estate agents, mortgage brokers, title company agents and whoever else needs to be in the room to sign the paperwork.

It's a process that can take anywhere from 30 minutes to an hour or more.

Once the paperwork is signed, it's sent to the County Courthouse to be legally recorded. This meticulous chain of events is essential for insuring order in the real estate marketplace. Otherwise, crooks could transfer property, attach loans to property, and do just about anything they want at will

Guess what?

HUNDREDS OF BILLIONS OF DOLLARS worth of real estate documents created during the Go-Go Bush years were manufactured out of thin air.

The loans may or may not have been legitimate, but the paperwork documenting them was entirely bogus, illegally handled and therefore INVALID.

I'm using lots of caps to try to convey the seriousness of the situation.

The sheer scale of these operations represent top down, organized fraud on a scale that nearly defies human comprehension.

In a normal day, a title company officer might handle five or six closings, more if very well organized and very ambitious.

In this video deposition, we hear testimony from a man who claims he closed the paperwork on approximately 5,000 loan assignments PER DAY.

Not only that, but he was instructed by his superiors to pretend to be an authorized agent (a vice president no less) of over TWENTY different banks.

The work of this hapless grunt was mirrored by hundreds, possibly thousands, of other people who day in and day out manufactured millions of fraudulent loan documents to feed the pipeline to Wall Street so these loans could be bundled and sold as AAA securities to investors, banks, pension funds, local governments etc. all over the world.

Here's what this boils down to:

1. These hundreds of billions of dollars worth of mortgage are secured by NOTHING

2. The bailouts and "quantitative easing" are a (desperate) attempt to keep this massive, gaping black hole from taking down the entire world financial system - and YOU will be paying the bill in the forms of higher taxes, less services, and stepped up government harassment.